FALLBROOK–June real estate prices and volume dropped in two prime North San Diego County communities as the market cooled after federal tax incentives expired for first time homebuyers, Jerry Kalman, a realtor® with The Jacques Company, reported today.”
During June, average selling prices in Fallbrook and Bonsall dropped 15 percent from May to $362,000. Volume was off 10 percent. The current year also showed a 15 percent decrease in volume over June 2009 as activity continued to slow even though June is traditionally a good month for local real estate sales.
“Lender-owned properties and short sales once again accounted for one third of the activity,” he said. “Of those homes neither lender-owned nor a short sale, the average selling price was $357,000, a sharp drop from May when the average price in traditional transactions was more than $581,000. Eleven properties during June sold for a higher price than the original listing, and almost all were either bank-owned or short sales.”
The average discount from original listing prices was approximately seven percent in June.
Kalman said the single family residential inventory entering July flattened out at 348 listings, showing only a slight increase over the prior month. The number of homes in escrow hovered in the same range as prior months, in the mid-80s, with an average asking price of $383,000, or $174 per square foot, both of which represented slight increases over May levels.
At the segment of the market where first-time-buyer and investor activity concentrates, three condos, all in Fallbrook, sold at an average price of $192,000, or $156 per average square foot. Entering July, the active inventory of condos was 16 units, three of which are in Bonsall and the remainder in Fallbrook. The condo inventory had an average asking price of $228,000.
The high end of the market remained dormant as not one million-dollar-plus home sold in the month, nor did any enter escrow.
Comparing Fallbrook and Bonsall with other North San Diego County communities, Kalman said homes that closed escrow here in June at $178 per average square foot trailed the $278 in Carlsbad, $207 in Oceanside, $206 in San Marcos and $186 in Vista.
Kalman´s data for June 1 through June 30, 2010, came from Sandicor, Inc., the multiple listing service for realtors. It represents properties listed or sold by various brokers in San Diego County. He uses this information to analyze the market and provide professional insight into real estate dynamics and trends as a community service.
Jerry Kalman is a licensed realtor (Calif. DRE # 01328697) in the Fallbrook office of The Jacques Company, 105 S. Main, Fallbrook, CA 92028. He can be reached at (760) 468-4689 or by email at jerry@jerrykalman.com.
